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BW Businessworld

Insurance In A Box

Building an insurtech infrastructure company that enables buying of insurance anytime, anywhere

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Riskcovry fills a much needed market gap for efficient insurance distributor. The platform enables insurance anywhere by providing a powerful unified Application Programming Interface (API) that empowers organisations to distribute insurance over multiple channels. Being a insurer, product, channel, device and compliance-license agnostic, Riskcovry is able to offers a broad bouquet of insurance products for plug-and-play adoption.  Since its inception in 2018, Riskcovry’s flexible and customisable Insurance-in-a-Box, API-based platform powers businesses to enable insurance distribution.


Riskcovry was co-founded by Suvendu Prusty, Vidya Sridharan, Sorabh Bhandari, and Chiranth Patil. In May 2020, the venture raised Rs 1.2 million in Pre-Series A funding led by Bharat Innovation Fund with joint participation from Varanium Capital and Better Capital. In October 2020, Riskcovry had sold 1 Lakh policies, a major milestone in the company’s history. By March 2022, their yearly premium has grown to Rs 163 Cr.

Omni-Channel Distribution

This InsurTech Infrastructure company is bringing standardisation across the insurance industry value chain on both distribution and underwriting sides, with a unified API kit in the India.

Companies can view all customers through three insurance distribution channels: DIY, where customers can purchase insurance on their own; Assisted, where customers are assisted by agents and embedded, where insurance is contextually attached to another product or service. Companies can choose to use endless combinations to mix and match the right products against these distribution channels or a combination of the channels.

One Stop Shop

Riskcovry is a one-stop-shop that caters to any and all insurance needs of businesses. The platform works with partners to co-create new products and user experiences for end customers, finding unique solutions. The platform further offers flexible pricing solutions based on the one of a kind solution that is built for partners.

The target market being any enterprise or company with a captive user base that wants to cover insurance to add value to their core product. 

The platform offers value in multifold. For starters, venturers do not have to build their own insurance distribution,it can be integrated through Riscovry. Existing insurance workflows are digitised, ensuring end-to-end optimisation that includes  instant policy issuance, no offline uploads, increase in sales and operational efficiency, adept dashboards to track customers, sales teams and sales. Riskcovry’s API and SaaS technology enables insurance distribution business without the traditional overhead of building teams, tech, license and processes. 

Riskcovry aims to reimagines insurance distribution using smart technology. To make it as easy and simple as accepting digital payments.

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Magazine 13 Aug 2022